The Stablecoin Market Map.

Regulated dollar stablecoin issuers and distribution partners across major fiat-backed products.

• CircleIssuer of USDC, a major regulated dollar stablecoin. Known for reserve transparency reporting and active engagement with U.S. and international regulatory frameworks.
• TetherIssuer of USDT, currently the largest dollar stablecoin by circulating supply. Widely used across exchanges, trading venues, and cross-border flows.
• RippleIssuer of RLUSD (via a regulated trust structure). Positioned for enterprise and institutional use cases, with a compliance-forward market narrative. Also operates cross-border payment and settlement infrastructure.
• PaxosRegulated stablecoin infrastructure provider and issuer of USDP; infrastructure partner behind PYUSD. Covers enterprise issuance, settlement, and compliance operations across its platform.
• PayPalConsumer payments platform distributing PYUSD (issued and managed by Paxos). Brings mainstream payments reach to stablecoin usage without directly operating issuance or reserve infrastructure.
• AgoraIssuer of AUSD and provider of white-label issuance tooling for enterprise builders. Emphasizes fully reserved design and institutional reserve management partnerships.
• First DigitalIssuer of FDUSD, a major fiat-backed stablecoin with significant supply on Binance. Operates through a Hong Kong-regulated trust structure.
• AllUnityJoint venture of Deutsche Bank's DWS, Flow Traders, and Galaxy. Germany's first MiCA-compliant euro stablecoin issuer (EURAU). BaFin EMI licensed July 2025. Also launched Swiss franc stablecoin CHFAU in February 2026. Partnered with Deutsche Börse Group for institutional custody through Clearstream. Flagship TradFi stablecoin issuer in Europe.
• Western Union150-year-old global payments institution entering stablecoin issuance with USDPT, planned for launch H1 2026. Filed trademark for WUUSD. 200+ country reach. Already a named enterprise partner of Rain. Brings unmatched distribution credibility to the issuer category.

Issuers of yield-bearing and institutional-facing dollar products built on treasury and synthetic dollar designs.

• EthenaIssuer of USDe, a large yield-oriented synthetic dollar product with institutional participation.
• SkyFormerly the MakerDAO ecosystem. Issuer of USDS, evolving from one of the earliest decentralized dollar systems toward a more institutional-facing posture.
• Ondo FinanceIssuer of USDY, a yield-bearing treasury-backed token product with regulatory access constraints in some jurisdictions (including U.S. person restrictions in certain contexts).

Platforms that make blockchain activity queryable for analytics, operations, and compliance workflows.

• Edge & NodeOn-chain data infrastructure that makes blockchain activity queryable for analytics, operations, and compliance workflows.
• NansenOn-chain analytics platform with wallet intelligence, flow monitoring, and entity labeling.
• DuneSQL-first analytics platform widely used for custom dashboards on stablecoin and protocol activity.
• FlipsideStructured on-chain data access for ecosystem analytics and protocol reporting across major networks.
• ArtemisInstitutional crypto data terminal focused on supply, usage, and chain-level stablecoin metrics.
• AlliumReal-time, structured blockchain data platform for querying, transforming, and integrating on-chain data across networks.

AML, sanctions, and financial-crime tooling used across regulated and public-sector operators.

• ChainalysisBlockchain investigations, transaction monitoring, and AML tooling used across institutions and public sector organizations.
• EllipticCrypto risk management platform focused on sanctions, AML monitoring, and policy controls.
• TRM LabsFinancial crime and blockchain intelligence platform for institutions, regulators, and enforcement teams.
• Merkle ScienceTransaction monitoring and risk intelligence for crypto-native and regulated operators.
• ComplyAdvantageAML and sanctions intelligence platform spanning traditional finance and digital asset environments.
• NotabeneTravel Rule and interoperable compliance messaging infrastructure for regulated digital asset transfers.
• Crystal IntelligenceBlockchain analytics and AML compliance platform covering 330+ blockchains. Used by financial institutions, crypto exchanges, regulators, and law enforcement globally. Formally partnered with Tether's Hadron platform in November 2025 to provide AML and compliance infrastructure for tokenized real-world assets. Co-develops AML and KYC standards through industry regulatory bodies including GDF and INATBA.

Audit, attestation, and assurance providers across digital asset reserves and tokenized products.

• DeloitteProvides audit and assurance services in the digital asset space; engaged in blockchain advisory and crypto-related risk frameworks across multiple jurisdictions.
• EYActive in crypto audit, tax, and advisory; has invested significantly in on-chain tooling (including open-source protocol work) and tokenization assurance capabilities.
• PwCEngaged in digital asset assurance, regulatory advisory, and crypto tax services; publishes widely referenced industry research and frameworks.
• KPMGProvides crypto audit, advisory, and attestation services; has publicly allocated to digital assets on its own balance sheet in select jurisdictions.
• Grant ThorntonProvides reserve attestation services for select stablecoin issuers, including historical attestation work for Circle (USDC).
• Chainlink Proof of ReserveOn-chain reserve verification rails used by some tokenized asset and stablecoin-related implementations as a complementary transparency mechanism.
• S&P GlobalLaunched its Stablecoin Stability Assessment framework, scoring stablecoins from 1 to 5 based on asset quality, liquidity, redemption mechanisms, regulatory status, and governance. Currently rates 10 stablecoins including USDC, USDT, and USDS. Brought assessments on-chain via Chainlink in October 2025. Downgraded USDT to "weak" in November 2025, demonstrating the framework's independence and credibility.
• Moody'sProposed a formal cross-sector stablecoin rating methodology in December 2025, evaluating reserve asset credit quality, market value risk, and bankruptcy-remote segregation requirements. Published a 2026 outlook declaring stablecoins "core institutional market plumbing" after 87% growth in settlement volume in 2025. The framework differentiates stablecoins like USDC and USDT based on reserve composition, bringing bond market-grade rigor to stablecoin assessment.

Core blockchains and rollups used for stablecoin issuance, transfer, and settlement.

• EthereumCore settlement network for many stablecoin issuances, DeFi integrations, and institutional tokenized asset activity.
• SolanaHigh-throughput network with meaningful stablecoin transfer activity and growing payments usage.
• TronMajor network for USDT transaction volume, especially in cross-border and emerging-market corridors.
• StellarPayments-oriented network with remittance and institutional settlement integrations.
• BNB ChainHigh-activity chain with stablecoin liquidity and regional payments/trading relevance.
• ArbitrumProminent Ethereum L2 for stablecoin-enabled DeFi and lower-cost settlement.
• BaseCoinbase-supported Ethereum L2 with expanding stablecoin and fintech distribution use cases.

Payment networks, card schemes, and B2B rails integrating stablecoin acceptance and settlement.

• StripeEnterprise payments infrastructure with growing stablecoin acceptance, payout capabilities, and issuance APIs (via its Bridge acquisition).
• BVNKStablecoin payment and treasury platform for cross-border B2B flows and enterprise settlement workflows.
• VisaGlobal card and network infrastructure participant exploring and expanding stablecoin settlement integrations.
• MastercardPayments network building stablecoin-linked capabilities across issuance, acceptance, and settlement initiatives.
• RainStablecoin-native enterprise payments infrastructure focused on card, treasury, and partner distribution use cases.
• Zero HashRegulated digital asset infrastructure provider for brokerages, fintechs, and institutional rails (including stablecoin workflows).
• RedotPayHong Kong-based global stablecoin payments fintech. Raised $194M across 2025 including a $107M Series B backed by Pantera Capital, Blockchain Capital, Circle Ventures, and Coinbase Ventures. Unicorn status. 6M+ registered users across 100+ countries. $10B+ annualized payment volume. Stablecoin-based Visa/Mastercard cards accepted at 130M+ merchants globally. Integrated with Circle Payments Network and Ripple Payments for cross-border settlement.

Stacks for programmatic stablecoin issuance, compliance orchestration, and multi-chain deployment.

• M0 ProtocolInfrastructure layer for application-specific stablecoin issuance and programmatic monetary rails.
• BraleU.S.-focused stablecoin issuance stack combining compliance, custody orchestration, and multi-chain deployment tooling.

Institutional custodians and key management platforms serving stablecoin and digital asset operations.

• Anchorage DigitalFederally chartered digital asset bank focused on institutional custody and participation services.
• Coinbase CustodyQualified custodian (NY trust company) providing institutional-grade digital asset custody and a key economic partner in the USDC ecosystem.
• FireblocksMPC-based key management and transfer infrastructure used by institutions for custody-adjacent operations.
• BitGoInstitutional custody platform with regulated trust/bank structure and broad digital asset servicing capabilities.
• CCopperInstitutional custody and prime infrastructure emphasizing secure collateral and settlement operations.
• Fidelity Digital AssetsInstitutional digital asset custody and execution platform backed by a large traditional financial parent.
• CregisGlobal enterprise-grade digital asset infrastructure provider founded 2017. MPC-based self-custody wallets, Wallet-as-a-Service, and Payment Engine. Serves 3,500+ institutional clients globally including exchanges, fintech platforms, and Web3 enterprises. SOC2 Type 2 and ISO 27001:2022 certified. AML partnerships with Elliptic and Regtank. Strong institutional footprint across APAC and MENA. Featured as a core exhibitor at Consensus Hong Kong 2026.